Spanish consolidation pace to reflect econ growth rate-finmin

LUXEMBOURG, Oct 9 (Reuters) - Euro zone finance ministers believe that Spain's fiscal consolidation should take into account the rate of economic growth, Spanish finance minister Luis de Guindos said on Tuesday, adding Madrid would work to limit economic recession.

"There was a positive evaluation (by euro zone finance ministers of Spain's 2013 budget), of Spain's economic policy and the need to carry out a fiscal adjustment that is sensitive, sensible to the economic situation in the country," de Guindos told reporters.

The International Monetary Fund forecast late on Monday that Spain will miss its deficit targets in 2012 and 2013 as the economic contraction next year will be much bigger than the Spanish government has forecast.

The IMF said in its fiscal monitor report that the country's deficit would reach 7 percent of GDP in 2012 and 5.7 percent in 2013, compared with European Union-agreed targets of 6.3 percent of GDP this year and 4.5 percent of GDP next year.

The government has based its budget plan for next year on a recession of 0.5 percent while the IMF forecast a recession of 1.3 percent in the country in 2013 after a 1.5 percent contraction in 2012.

"The only thing I can say (about the IMF's forecasts for Spain) is to try to avoid that they happen," de Guindos said.

"Logically, we are working on the basis that such negative forecasts are not met," he said.